Every year, the Economist Intelligence Unit releases two reports on which cities are the most expensive and the cheapest to live in.
The first of the reports, titled “Worldwide Cost of Living,” looks at factors including food costs, fuel costs, and salaries.
And because of the strength of the US dollar and currency devaluations elsewhere, there have been a few major shifts in this year’s rankings.
One of the editors of the survey, Jon Copestake, said: “In nearly 17 years of working on this survey I can’t recall a year as volatile as 2015. Falling commodity prices have created deflationary pressures in some countries, but in others currency weakness caused by these falls has led to spiralling inflation.”
Business Insider took a look at the nine most expensive cities in the world.
9. Seoul, South Korea — The city is rising up the ranks because of the high cost to buy clothes and to pay for utilities. The EIU said “the cost of living in Seoul is now on a par with that of Copenhagen and Los Angeles.”
8. Copenhagen, Denmark — The city retains its ranking this year because of its high cost of living relative to wages.
7. New York City, US — The EIU said in its report that “a stronger dollar and localised inflation mean that New York continues to become more expensive relative to its global peers.” For example, the average US dollar price for a kilogram of bread is at $8.28 — more than double that of the city in the No. 1 spot.